Rothschild & Co acted as joint lead financial adviser to McCormick on its combination with Unilever Foods
Rothschild & Co acted as joint lead financial adviser to McCormick & Company, Incorporated (“McCormick”) on its landmark $66 billion combination announced today with Unilever PLC’s (“Unilever”) Foods business (“Unilever Foods”), creating a preeminent global flavour powerhouse.
The transaction values Unilever Foods at approximately $44.8 billion enterprise value, and represents the 2nd largest food and 7th largest consumer transaction ever. The combination brings together two highly complementary businesses to create a global flavour-focused category leader with approximately $20 billion in combined revenues and leading positions across herbs, spices, seasonings, condiments and cooking aids.
Rothschild & Co advised McCormick through all stages of the transaction, including originating senior level discussions, structuring the transaction, and providing strategic and financial advice across valuation, negotiation tactics, governance, financing and execution. The transaction is structured as a tax efficient Reverse Morris Trust, showcasing Rothschild & Co’s deep experience in ambitious and complex, cross border transactions.
The transaction is subject to McCormick shareholder and customary regulatory approvals and closing conditions.
This landmark mandate underscores Rothschild & Co’s position as a leading adviser in the global consumer sector and highlights the firm’s long standing capability in advising on transformational, cross border transactions.
Akeel Sachak, Global Head of Consumer, Rothschild & Co, said: “This transaction is a defining moment for McCormick and an industry redefining combination in the global food sector. From the outset, our focus was on helping McCormick originate, structure and execute a transaction that was strategically compelling, tax‑efficient and executable at scale. The result is a transformational combination that creates a global industry leader in flavour that is fully aligned with McCormick’s long-term strategy and should create substantial value for McCormick and Unilever shareholders going forward.”
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For further information
Global Advisory, Rothschild & Co
Kim Nicholson
Tel: +44 20 7280 5422
kim.nicholson@rothschildandco.com
Geri Cheng
Tel: +44 20 7280 5612
GeriMingWai.Cheng@rothschildandco.com
Brunswick
Ed Brown
Tel: +44 (0) 7823 527 181
ebrown@brunswickgroup.com
About Rothschild & Co, Global Advisory
Rothschild & Co is a family-controlled and independent group and has been at the centre of the world's financial markets for over 200 years. With a team of c.4,800 talented financial services specialists on the ground in over 50 countries, Rothschild & Co's integrated global network of trusted professionals provide in-depth market intelligence and effective long-term solutions for our clients in Global Advisory, Wealth & Asset Management, and Five Arrows, its alternative assets arm.
Global Advisory, a division of the Rothschild & Co group, designs and executes strategic M&A and financing solutions, providing impartial, expert advice to large and mid-sized corporations, private equity, families and entrepreneurs, and governments.
Through its unrivalled network of 1,650 industry and financing specialists in 48 countries, Rothschild & Co's Global Advisory business combines the breadth of its advisory offering with a high volume of transactions to achieve a unique understanding and perspective into markets and participants worldwide.